Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1887-06-16
KERSHAW GOESUNDER
ANOTHER WILD AND EXCITING DAY ON
THE CHICAGO EXCHANGE
More Heavy Failures AnnOunOsd-Ksrshaw Secures
Million but Goes 10 the Wall Alice Samee-
Bears Sayagsly Rsidipg the Market
Situation in 0lhT Cities.

CHICAGO, June 15.-There were many
anxious commission men in the vicinity Of
the Board of Trade last night. Their Offices
were lighted and they and their clerks
worked at their books until long after mid
night.
The sight presented in the neighbOrhood
was an unusual one, as every Office build
ing there was lighted from top to bottom.
Even the casual observer would have sus-
pected something wrong.
There was no trouble in finding commits
sion men who had been caught in the great
break OF few hours before, and less trouble
in prevailing upon them to talk. The uni
versal opinion was that everything hinged
upon Kershaw's ability to get the demands
for margins and that unless he did so his
failure would carry down from thirty to
fifty houses.
There are some few who thought that II
Armour and Hutchinson and two or three
of the other "big ones" would come for
ward this morning and help sustain the
market that veritable panic could be
averted, but even they claim that great
deal depended on Mr.. Kershaw.
FORTUNES LOST AND WON.
What fortunes were lost and won. during
the day no one can accurately estimate. 1t
is estimated that no less than 100, 900, 900
bushels were traded in during the day,
representing an average loss or gain of seven
to eight cents a bushel-$7, ,0O0, 900 to
$4,000, 900. There was a loss of over
81, ,6OO,OO in cash wheat alone, besides
the shrinkage on futures.
One bear who sold largely early in the
day and bought at the close is credited
with clearing $3.50, 900 on the days opera
tions. The crowd of big bear Scalpers
made not less than 81, 200, 900 altogether
during the day.
President Wright, of the Board of Trade,
said to a reporter this morning "Thd
effect of the break will be to clear the at
mosphere so that commerce can go ON in
its accustomed grooves. The tendency is
10 edualize this with the other markets of
the world and put stocks in their legitl-
mate channels. The actual result, of
course, is rather serious one, but l hope,
in fact, have no reason to apprehend any
thing further"
A prominent broker said: "The market
is now back in its normal condition, and
not subject to abnormal influences. /
don't think we will have any more cliques
for awhile yet, as the one just collapsed
has bitten off more than it could chew,
and the lesson won't be forgotten soon.
The matter, of course, is a serious one. but
it will soon be all right again. The deal
was undoubtedly the largest one ever run
in Chicago, and there was more wheat
bought than ever before. do not appre-
hend any serious break from present prices,
rs the market is now down to level with
the other markets"
A BLESSING IN DISGUISE.
Mr.. p. D. Armour, when asked what eff
feet the panic would have on financial af-
fairs. said "None whatever. In week
from now you won't know that there was
a wheat deal or coffee deal either. The
atmosphere will all be cleared up in less
than a week from now. All the losses
were made some time ago. The wheat
was margined up to nearly its value. If not
quite, and the banks were all amply Sc
cured. don't look upon this break as
any great calamity at all. Whatever wheat
there is is wanted for export, and it will
bring as good prices, if not better, than
before the break Wheat at IS cents a
bushel is better than gold dollars at ninety
cents. You see, people abroad want the
stuff, and they are going to have it. 1t is
a good thing that this break came when it
did. Most everybody expected it, and as
soon as the furry is over believe that ii
will make money easier"
FOUR SMALL FAILURES ANNOUNCED.
There was an enormous crowd on the
floor and in the galleries of the Board of
Trade lons before the opening hour this
morning
When the bell sounded at $50 a roar
went up and the days session began. The
first sales of wheat were at 754 for June
and "a for July, which was an advance of
&c and &c respectively.
Soon after the opening President Wright
announced the suspension of three small
firms, viz: NJ. Youst & Co., B. ]. Nc
Cleary & Co. and S. c. Orr. The suspen-
sion of these firms did not cause any ex-
citement, as they were in no way indenti-
fed with the clique.
At 10 o'clock the price was III for June
and 75l for July. The suspension of Pick
ering & Co., another small firm, was an
nounced shortly after 10 o'clock.
The bears kept steadily pounding the
market aud at 1915 July wheat was 70
cents, from there it dropped to 743, then
down to 744, then 735, then up an eighth
to "A and at 1850 a. m. was 73l. The
June option also declined, selling at 754 at
1915 and at 70 at 1890 a. m.
SENSATIONAL SCENE IN A BANK.
There was sensational and dramatic
council at the American Exchange Nation
al Bank this morning. 1t began at Z
o'clock and settled the fate of to-day g
market There were present Joe Wilt
shire, of Cincinnati, o middle-sized,
swarthy man, and EgatestOn, Kershaw' s
special partner, whose fortune is at stake
uON DcCdusc, ~ 10 Cldlulcu, nc HIS Oe60
active in business. Kershaw's face show
ed lines made by terrible forty-eight
hour strain. President ID. W. Irwin, Of
of the bank and of the firm of Irwin,
Green & Co., was the most determined
looking man of the lot. Cashier De War,
of the bank, and several of the Directors
were also present.
This consultation began just as soon as
Wiltshire got off the Cincinnati train at
the foot OF Lake street and hurried TO the
bank. He was accompanied by a good
looking smOoth-faced young fellow, whose
sack-cOat bulged as clerks sometimes do
when they are hurrying to the bank TO
make deposits. The pair at once entered
the bank and the Directors room, where
the Others were to meet them. The scene
presented will not soon be forgotten.
Kershaw was busy writing. His face was
haggard, but he looked brave. Eggle-
stOn's face was a study, too, as he sat in
the interview. The perspiration dropped
from his brow and his great red beard was
awry.
KERsHAw GETS THE MONEY.
Wiltshire at s o'clock left the bank and
walked to the corner of Dearborn and
Monroe streets, where he met the young
n